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If fuel prices go down, so will electricity bills
View(s):The fuel adjustment surcharge on electricity bills will be allowed to fluctuate so that consumers will benefit from a drop in world market prices, Power and Energy Ministry Secretary D.M.R. Batagoda said. He said the new fuel adjustment surcharge scheme would come into effect when a formula on fuel prices was implemented from next month.
Under the scheme, fuel prices would be adjusted every six months in keeping with the world market prices. The fuel adjustment surcharge on electricity bills would also fluctuate accordingly enabling the consumers to gain the benefit when world market prices drop. The secretary said the fuel adjustment surcharge could not be completely removed as the thermal power usage remained high. He promised the ministry would be transparent in determining the fuel prices according to world market trends and therefore the people would be aware of how the prices were worked out.
Dr. Batagoda said the proposals made by the Ministry regarding the pricing formula had been sent to Prime Minister Ranil Wickremesinghe before being submitted for Cabinet approval.